Markit Ltd. (MRKT) - NASDAQ
  • Mon, Jun. 27, 7:30 PM
    • IHS (IHS -3.1%) and Markit (MRKT -2.6%) have launched an exchange offer and consent solicitation for notes, in conjunction with their plans for a $13B merger of equals.
    • Markit's commenced an offer to exchange $750M of 5% notes due 2022 issued by IHS for a similar amount of new notes under the same terms to be issued by Markit, along with cash.
    • For each $1,000 in principal tendered by the early date, holders can receive $1,000 of the new IHS Markit notes and $5 in cash.
    • The move is intended to simplify capital structure after the companies merge and then redomicile overseas.
    | Mon, Jun. 27, 7:30 PM
  • Wed, Jun. 1, 1:31 PM
    • IHS (IHS -1.8%) -- pursuing a $13B "merger of equals" with Markit (MRKT -0.8%) -- is selling its Operational Excellence & Risk Management business to Genstar Capital.
    • The carve-out transaction will result in an independent company that Genstar will re-brand by the end of the year and base in Chicago.
    • The private equity firm is partnering with Paul Marushka, previously president of Marsh ClearSight, on the deal. Marushka will serve as president and CEO of the new company.
    • The Operational Excellence & Risk Management unit has more than 2,500 customers and hundreds of thousands of individual users in highly regulated industries.
    | Wed, Jun. 1, 1:31 PM
  • Tue, Apr. 5, 2:50 PM
    | Tue, Apr. 5, 2:50 PM | 15 Comments
  • Wed, Mar. 23, 5:49 PM
    • In a down market today, IHS (IHS -3.2%) and Markit (MRKT -2.1%) gave back a bit of the sharp gains they marked following a plan to merge into a $13B research giant.
    • Since the all-stock deal was announced, IHS has gained 9.3% and Markit 13.9%. The two added to gains as a number of analysts bumped price targets yesterday.
    • There's some skepticism about the merits. Deutsche Bank, which raised its target on IHS yesterday to $131, says the deal still has strategic risks as too much diversification could hurt existing products: "We worry that in 3 years when the merger benefits are realized, the increased scope of the products being sold to the larger client list will dilute the sales focus."
    • Meanwhile, today SunTrust Robinson Humphrey downgraded IHS from Buy to Neutral and cut its price target to $130 from a previous $135. Shares of IHS closed today at $121.
    • Following the news, Standard & Poor's has affirmed its corporate credit rating of BB+ on IHS, with a stable outlook, but put its rating on the company's senior unsecured instruments on negative CreditWatch as it awaits more capital structure information. "IHS's good market positions and recurring revenue base are likely to result in consistent operating performance over the next 12 months," it says.
    • Previously: IHS up 1.5% post-merger deal as analysts boost price targets (Mar. 22 2016)
    • Previously: IHS +8%, Markit +12% on plans to merge into $13B firm (Mar. 21 2016)
    | Wed, Mar. 23, 5:49 PM
  • Mon, Mar. 21, 5:40 PM
    | Mon, Mar. 21, 5:40 PM
  • Mon, Mar. 21, 1:47 PM
    • IHS stock is up 8%, and reaching its highest point so far this year, after an earnings beat in its fiscal Q1 and news that it's combining with Markit into a $13B research giant.
    • Markit (NASDAQ:MRKT) is up 11.9% and hitting a 52-week high on the deal, which values it at about $5.9B. It's an all-stock deal with an implied value of $31.13/share of Markit, now trading at $32.96.
    • The deal also marks an inversion for Englewood, Colo.-based IHS, which will redomicile in London as IHS Markit.
    • IHS beat on top and bottom lines in its fiscal Q1. Of 6.7% revenue growth, organic revenue growth was 3% (1% subscription growth). EBITDA of $179.6M was up 13% and beat an expected $172.9M.
    • Revenue breakout: Subscription revenue, $443.2M (up 3% on headline basis, 1% organically); non-subscription revenue, $105.3M (up 24% on headline basis, 14% organically).
    • For the full year, IHS forecasts revenues of $2.3B-$2.38B, EBITDA of $770M-$800M, and EPS of $6.00-$6.30, all in line with expectations.
    • Press Release
    | Mon, Mar. 21, 1:47 PM | 2 Comments
  • Wed, Feb. 10, 7:39 AM
    • Markit (NASDAQ:MRKT) reports organic revenue growth of 1.1% in Q4.
    • Revenue grew 9.4% on a constant currency basis.
    • Acquisition contributed 8.3 percentage point of growth to the revenue in the quarter.
    • Segment revenue: Information: $131.6M (+6.8%); Processing: $59.8M (-12.7%); Solutions: $100.1M (+25.6%).
    • Operating expense rate increased 200 bps to 53.3%.
    • Adjusted EBITDA margin declined 70 bps to 45.6%.
    | Wed, Feb. 10, 7:39 AM
  • Nov. 10, 2015, 7:58 AM
    • Markit (NASDAQ:MRKT) reports organic revenue rose 2.3% in Q3.
    • Segment revenue: Information: $126.1M (+2.2%); Processing: $61.3M (-15.1%); Solutions: $89.9M (+21.3%).
    • Operating expense rate increased 110 bps to 54%.
    • Adjusted EBITDA margin declined 240 bps to 44.9% for the quarter.
    | Nov. 10, 2015, 7:58 AM
  • Oct. 26, 2015, 10:23 AM
    • Reportedly outbidding Markit (MRKT -0.6%) and Nasdaq OMX (NDAQ +0.1%), ICE (ICE +1.2%) agrees to buy Interactive Data from its P-E owners for $5.2B - $3.65B in cash and $1.55B of ICE stock.
    • The deal is expected to close this year, and apparently eliminates the chance of an IPO for the company.
    • ICE expects adjusted earnings accretion of roughly 5% in year one, with expense synergies of $150M mostly completed in the first three years.
    • A conference call is set for 8:30 ET on Wednesday.
    | Oct. 26, 2015, 10:23 AM
  • Jun. 5, 2015, 9:06 AM
    • Selling shareholders unloaded 25.75M shares in the offering versus an expected 24.6M. It priced at $25.75 per share. The underwriters have the option to buy up to 1.75M shares at that price.
    • Markit intends to purchase from the underwriters 14M shares at the price paid to the selling shareholders of $24.91.
    • MRKT +1.3% premarket to $26.52.
    | Jun. 5, 2015, 9:06 AM
  • Dec. 19, 2014, 5:36 PM
    • Top gainers, as of 5:15 p.m.: SAND +10.7%. MCHX +9.0%. NEM +3.0%. VRTX +2.8%. MRKT +2.6%.
    • Top losers, as of 5:15 p.m.: NG -9.0%. DNR -8.0%. EDU -7.2%. NBR -7.0%. CRK -4.4%.
    | Dec. 19, 2014, 5:36 PM | 3 Comments
  • Oct. 13, 2014, 3:47 PM
    • The fundamental story for Markit (MRKT +2.9%) is still intact and the valuation at 18x earnings is "compelling," says Morgan Stanley, upgrading the stock - down 15% since its summer IPO - to Outperform with $29 price target.
    • "Key positives: 1) Markit is a leading global provider of information and technology services to the financial sector. 2) It serves a large, fragmented market, providing critical services that are more efficient for customers to outsource. 3) It has a stable business model with high recurring revenue and >90% renewal rates. 4) The financial profile is attractive, with mid-single-digit rev growth and ~$250M in annual FCF. 5) MRKT has an experienced management team."
    | Oct. 13, 2014, 3:47 PM
  • Jun. 19, 2014, 10:36 AM
    | Jun. 19, 2014, 10:36 AM
Company Description
Markit Ltd. is a holding company, which provides financial information services. It operates through the following segments: Information, Processing, and Solutions. The Information segment provides enriched content comprising pricing and reference data, indices and valuation, and trading... More
Sector: Services
Industry: Business Services
Country: United States